If you are considering financing into a reverse mortgage loan, here are some important facts you should know:

You need to be at least 62 years old to qualify

The amount of money you can borrow depends on your age and the appraised value of your home

You can choose a lump some payment or monthly payments

You are not required to make monthly repayment penalties on this loan, the loan is paid back when this no longer is your primary residence

You can not lose your home if it depreciates in value

Most programs are variable rates tied into a leading economic index

If you truly want the best deal on you next mortgage loan, some up front home work and comparison shopping for mortgage loans quotes from different lenders will help position you to obtain the best financing for your situation.

12-05-2007 ? LoanNetwork.com

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